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Pike Reports Revenue Increase of 59% and EPS of $0.67 per Diluted Share in Fiscal Second Quarter 2013

Pike Electric Corporation (NYSE: PIKE), one of the nation’s leading energy solutions providers, today reported fiscal second quarter 2013 results for the period ended December 31, 2012. Total revenue in the second quarter was a record high $273.7 million, up 59% compared to $172.0 million in the year-ago period. Net income in the second quarter totaled $23.6 million, or $0.67 per diluted share. By comparison, net income totaled $4.9 million, or $0.14 per diluted share, in the year-ago period.

Total revenue in the fiscal second quarter 2013 included storm-related services of $83.0 million, compared to $21.9 million in the same quarter last year. Gross profit totaled $59.2 million, or 21.6% of revenue. By comparison, gross profit totaled $25.4 million, or 14.8% of revenue, in the year-ago period. General and administrative expenses totaled $19.9 million, or 7.3% of revenue. By comparison, general and administrative expenses totaled $15.9 million, or 9.2% of revenue, in the year-ago period.

“All areas of our core business improved on a year-over-year basis, contributing to this quarter’s record revenue. Our fiscal second quarter financial performance also reflects a significant increase in the level of storm restoration activity,” said J. Eric Pike, Chairman and CEO of Pike. “Our year-to-date revenue of $518.3 million suggests fiscal 2013 will be a record year for Pike. In addition, earnings for the six months ended December 31, 2012 are already three times higher than the $0.31 per diluted share we reported for the fiscal year ended June 30, 2012.”

The Company has adopted two reportable segments for financial reporting purposes: Construction and All Other Operations. The accompanying ‘segment results’ table provides eliminations and other adjustments that reconcile the segment revenues and income from operations amounts to consolidated results.

Construction revenue totaled $228.4 million, up 46% compared to $156.3 million in the year-ago period. Income from operations in the Construction segment totaled $38.3 million, compared to $9.1 million in the year-ago period. All Other Operations revenue totaled a record high $45.3 million, up 189% compared to $15.7 million in the year-ago period. Income from operations in the All Other Operations segment totaled $1.9 million, compared to $0.7 million in the year-ago period.

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern on Wednesday, February 6. The call can be accessed by dialing (888) 359-3627, or (719) 457-1512 for international callers. The confirmation code for the live call is 4239091. Interested parties may also listen to a simultaneous webcast via the "Investor Center" on the Company's website at www.pike.com.

A replay will be made available shortly after the live call is completed and can be accessed by dialing (858) 384-5517. The confirmation code for the replay is 4239091. The replay will remain available until midnight Eastern on February 13. An on-demand replay of the conference call will remain online for a limited time following the conclusion of the call.

About Pike Electric Corporation

Pike Electric Corporation is a leading provider of energy solutions to over 300 investor-owned, municipal and cooperative utilities in the United States. Our comprehensive services include facilities planning and siting, permitting, engineering, design, installation, maintenance and repair of electric and communication infrastructure. Our common stock is traded on the New York Stock Exchange under the symbol PIKE. For more information, visit us online at www.pike.com.

Forward-Looking Statements

This press release and other statements we make from time to time in the future may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may relate to our plans, objectives and future estimates. The terms "should," "believe," "plan," "expect," "anticipate," "estimate," "intend" and "project" and similar words or expressions are intended to identify forward-looking statements. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statements. For a more detailed list of such risks, uncertainties and other factors, please refer to the Risk Factor section of our Annual Reports on Form 10-K and in its other periodic filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
       
Three months ended December 31, Six months ended December 31,
 
2012 2011 2012 2011
 
Revenues $ 273,668 $ 172,031 $ 518,281 $ 343,822
Cost of operations   214,434     146,616     422,125     294,554  
 
Gross profit 59,234 25,415 96,156 49,268
General and administrative expenses 19,891 15,859 39,359 31,876
(Gain) loss on sale of property and equipment   (68 )   (40 )   (198 )   118  
 
Income from operations 39,411 9,596 56,995 17,274
Other expense (income):
Interest expense 1,884 1,345 4,007 4,838
Other, net   (4 )   (9 )   (25 )   (13 )
 

Total other expense, net

  1,880     1,336     3,982     4,825  
 
Income before income taxes 37,531 8,260 53,013 12,449
Income tax expense   13,929     3,369     20,129     4,954  
 
Net income $ 23,602   $ 4,891   $ 32,884   $ 7,495  
 
Earnings per share:
Basic $ 0.67   $ 0.14   $ 0.94   $ 0.22  
Diluted $ 0.67   $ 0.14   $ 0.93   $ 0.21  
 
Shares used in computing earnings per share:
Basic   35,129     34,663     35,089     34,421  
Diluted   35,423     35,132     35,360     34,976  
 
Dividends per share: $ 1.00   $ -   $ 1.00   $ -  
 

PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
       
December 31, June 30,
2012 2012
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 2,517 $ 1,601
Accounts receivable, net 137,748 91,059
Costs and estimated earnings in excess of billings
on uncompleted contracts 77,100 66,414
Inventories 10,314 15,348
Prepaid expenses and other 7,907 9,001
Deferred income taxes   9,207     9,722
Total current assets 244,793 193,145
Property and equipment, net 175,116 174,655
Goodwill 153,657 122,932
Other intangibles, net 79,162 43,617
Deferred loan costs, net 1,933 2,175
Other assets   1,862     1,624
Total assets $ 656,523   $ 538,148
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 27,527 $ 26,206
Accrued compensation 30,115 28,703
Billings in excess of costs and estimated earnings
on uncompleted contracts 10,685 5,318
Accrued expenses and other 19,235 7,551
Current portion of insurance and claim accruals   15,228     11,525
Total current liabilities 102,790 79,303
Revolving credit facility 207,500 123,000
Insurance and claim accruals, net of current portion 3,957 3,956
Deferred compensation 6,058 5,578
Deferred income taxes 57,272 46,749
Other liabilities 2,929 2,637
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.001 per share; 100,000 authorized
shares; no shares issued and outstanding - -
Common stock, par value $0.001 per share; 100,000 authorized
shares; 35,182 and 35,052 shares issued and outstanding
at December 31, 2012 and June 30, 2012, respectively 6,428 6,428
Additional paid-in capital 174,553 173,060
Accumulated other comprehensive loss, net of taxes (121 ) -
Retained earnings   95,157     97,437
Total stockholders’ equity   276,017     276,925
Total liabilities and stockholders’ equity $ 656,523   $ 538,148
 

PIKE ELECTRIC CORPORATION
SEGMENT RESULTS
(Unaudited)
(In thousands)
       
Three months ended December 31, Six months ended December 31,
 
2012 2011 2012 2011

Construction

Core services $ 149,941 $ 140,805 $ 306,419 $ 262,021

Less: Intersegment revenues

  (211 )   (6,351 )   (238 )   (6,351 )
 
Core services, net 149,730 134,454 306,181 255,670
Storm restoration services   78,622     21,891     125,595     56,684  
 
Revenues, net 228,352 156,345 431,776 312,354
Income from operations 38,327 9,110 54,907 17,698
Depreciation and amortization 9,678 9,478 18,749 18,756
Purchases of property and equipment 9,398 7,716 17,157 15,327
                 
 

All Other Operations

Core services $ 51,310 $ 17,693 $ 100,313 $ 33,475

Less: Intersegment revenues

  (10,377 )   (2,007 )   (21,414 )   (2,007 )
 
Core services, net 40,933 15,686 78,899 31,468
Storm assessment and inspection services   4,383     -     7,606     -  
 
Revenues, net 45,316 15,686 86,505 31,468
Income from operations 1,888 715 3,962 115
Depreciation and amortization 1,389 250 2,703 674
Purchases of property and equipment 199 - 547 -
                 
 

Eliminations and Other Adjustments

Revenues $ - $ - $ - $ -
Loss from operations (804 ) (229 ) (1,874 ) (539 )
Depreciation and amortization - - - -
Purchases of property and equipment - - - -
                 
 

Total

Core services $ 201,251 $ 158,498 $ 406,732 $ 295,496

Less: Intersegment revenues

  (10,588 )   (8,358 )   (21,652 )   (8,358 )
 
Core services, net 190,663 150,140 385,080 287,138
Storm-related services   83,005     21,891     133,201     56,684  
 
Revenues, net 273,668 172,031 518,281 343,822
Income from operations 39,411 9,596 56,995 17,274
Depreciation and amortization 11,067 9,728 21,452 19,430
Purchases of property and equipment 9,597 7,716 17,704 15,327

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